After careful reading of the Core Book on calculating treasure amounts for your PCs, I determined the following:
At level one, the average wealth of a core class PC is 115 (I averaged the classes.) I subtracted this from 1000, then multiplied by 4 (number of PCs) to get 3540 as the total amount of treasure they should earn before hitting second level.
Then I went ahead and calculated the cost of all the treasure items in "Eulogy for Rosalar's Coffer" that the PCs would get before level 2. I got a staggering 9257 gp worth of treasure. I calculated the bead of blessing as costing 600 gp and the potion of Cure moderate wounds at 300 gp each. I calculated the wand of create water at 6300 gp. I probably screwed up here because...
The treasure earned by the PCs in Paizo's core product is astronomical compared to what I determined my PCs should be earning. What am I doing wrong?
I totally forgot about the decrease in value of selling things, thank you very much for reminding me. I do like my low-level consumables.
When I read the rod of create water, I thought it would be create food and water, so I way overpriced it. We're in the city working for the university, so I'm quite familiar with arcane cantrips, divine not so much. The wand is actually worth about half the stated amount, as it only has 28 charges.
Thank you everyone for the great responses! I'm off to build a few treasure caches, as I'm apparently a bit cheap with the loot.